Manheim’s Commercial Vehicles held its first ever van roadshow event, featuring an exclusively online auction.
The auction, which took place in August, offered 102 Lex Autolease vans for sale virtually and exclusively to an online buyer audience. The sale was delivered by Manheim Online’s team in Bruntingthorpe and saw 125 unique buyer log-ons and an 89% conversion rate. A total sales value of just under £500,000 was achieved.
From a buyer perspective the online auction’s operation mirrored a physical sale, with the exception that the vans were sold remotely using condition reports and images; without being driven past a rostrum. Online buyers instead received a live audio and video feed of the auctioneer conducting the sale.
The online auction also featured Manheim Van Check, Manheim’s unique and industry leading mechanical inspection product. Van Check provides buyers with a money back guarantee covering 21 major areas. When coupled to detailed inspection reports and high quality zoom imagery, online buyers were given maximum confidence to bid and buy remotely.
Matthew Davock, head of LCV, Manheim commercial vehicles, said: “It’s fantastic to be at the forefront delivering new and innovative remarketing solutions. The buyer engagement and social media buzz created by this event was considerable. I auctioneered at all three sales and the online sale in particular had an amazing atmosphere. Buyers have truly embraced this online sale format. They are comfortable using Simulcast technology. They trust Manheim. All told we delivered a unique event that countered the seasonal retail sales lull and produced a market leading result.”
James Davis, head of Manheim commercial vehicles, added: “I’ve no doubt our industry will look back in years to come and acknowledge this online sale result as a significant milestone in the history of van remarketing.”
Additionally, working strategically with sister business NextGear Capital, Manheim CV offered joint van customers an incentive to utilise NextGear stock funding facilities at the online auction. This is the first time such initiatives have been applied in the UK marketplace. Buyers spent over £100,000 of their NextGear funding on the day, securing a third of all vans offered for sale.
The Lex Autolease roadshow event itself consisted of three sales; Manheim Colchester, Manheim Online and Manheim Leeds. All featured Simulcast, Manheim’s award-winning online bidding platform, permitting buyers from across the UK to log on, bid and buy quality stock. The overall conversion rate was 88%, with 249 of the 282 vans finding a new home. Total sales value was £1.27m.